www.marejournal.com Real estate fund manager meets borrower’s need for speed and surety Hudson Realty Capital Llc funds $11.6 million Pittsburgh, Pennsylvania office/retail bridge loan F inancial D igest Mid Atlantic Real Estate Journal — February 8 - 21, 2013 — A
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ITTSBURGH, PA — Hudson Realty Capital LLC has
prehensive gut rehabilitation. The sponsor has finalized four signed leases, with one of the tenants already in oc- cupancy. “This borrower required dependable financing for base building construction and ten- ant fit out, which Hudson was able to provide with surety of execution in a relatively short timeframe,” said Spencer Garfield , managing director. “Given this submarket’s lowof- fice vacancy rate, timely lease- up of the remaining space is expected in accordance with the business plan.” n pike and Interstate 295 about 20 miles northeast of Center City Philadelphia. The center is fully leased to tenants in- cluding Dick’s Sporting Goods, OfficeMax, TGI Friday’s,AT&T Wireless, Burger King, Sleepy’s and IHOP. Burlington Towne Center is shadow anchored by Home Depot, Target and Kohl’s, which are not included in the loan collateral. The HFF team representing The Hampshire Companies was led by senior managing director Jon Mikula and di- rector Michael Klein . n the banking industry will be a great addition to our bank,” said Regal Bank chairman David Orbach. “Her extensive background, along with her fa- miliarity with the Livingston marketplace, are key qualities when it comes to serving our customers’ needs.” Portee completed her un- dergraduate degree in ac- counting at Upsala College in East Orange. She volunteers and fundraises for various charitable organizations in her community, including the American Heart Association, Kaleidoscope of Hope Founda- tion, National Breast Cancer Awareness, and the Harvest of Hope Foster Care Program. n
funded an $11.6 million Pitts- burgh office/retail bridge loan secured by a 70,478 s/f prop- erty. The sponsor plans to utilize the capital to retire the existing debt, complete renovation of the asset, satisfy outstanding obligations and establish reserves. Located within a few miles of the University of Pitts- burgh and Carnegie Mellon University, just north of the Shadyside neighborhood, the property is undergoing a com- Totowa, NJ - DevMorris and Andrew Stewart have arranged permanent financing in the amount of $13.2 million for a Toys “R” Us, Conway, Office Depot, and Bob’s Stores anchored shopping center in Totowa. The 7-year, fixed-rate loan was placed with Ameri- can National Insurance Company , whom Cronheim represents as correspondent and servicing agent. This is the second significant NJ shopping center financing recently done by American National, the other being a construction/per- manent loan done on Marlboro Commons, a Whole Foods an- chored center in Marlboro. The subject property is a 261,451 s/f community shop- ping center located in Passaic County approximately 15.0± miles west of Manhattan. The center features a mix of local and national retailers includingApplebee’s, Citibank, Linwood Pizza, and Harmon Discount, among others. It is located along U.S. Rte. 46, one of the most heavily traveled re- tail corridors in northern New Jersey which houses more than 6.4 million s/f of space. According to Morris, “This center is among the most vis- ible and accessible properties in its trade area and has occu- pied a dominant position since it was built in the early 1970’s, continuing to attract a desir-
Pittsburgh rendering
CronheimMortgagearranges $13.2m for Totowa Square Shopping Ctr.
HFF secures $6.7m refinance for NJ retail power center
FLORHAM PARK, NJ — HFF announced that it has secured $6.7 million in acquisi- tion financing for Burlington Towne Center, a 91,881 s/f retail power center in Burling- ton Twp. Working exclusively on be- half of The Hampshire Com- panies, HFF placed the sev- en-year, fixed-rate loan with Webster Bank. Burlington Towne Center is located at 2703 Burlington Mount Holly Road, adjacent to the BurlingtonCenterMall and close to the New Jersey Turn- LIVINGSTON, NJ — Re- gal Bank recently appointed Princeton resident Annabella Portee as its vice president of loan administration. In this role, Portee is responsible for overseeing all aspects of loan administration and portfolio servicing. Prior to joining Regal Bank, Portee was vice president and manager of the Commercial Loan Servicing and Funding Department of a community bank based in Short Hills. Earlier in her career, Portee spent 15 years in various po- sitions with Livingston-based NorCrown Bank. “Annabella’s 20-year career in various positions within
able mix of local and national retailers.” In a separate transaction, David Turley and Anna Westhoff of Cronheim Mort- gage teamed up to place an $8.2 million permanent loan on a 53,878 s/f retail build- ing located on the Saw Mill Parkway in Dobbs Ferry, NY. The property is a four-story retail center anchored by New York Sports Club. The 12 year non-recourse loan was placed with one of Cronheim’s bank relationships. The rate was locked for 7 years at 3.85%. “This is a unique asset for its suburban location,” noted Tur- ley. “Most lenders steer clear of multi-story retail formats outside of core urban areas. However, this property has a compelling story and deserved serious consideration. It is lo- cated at a signalized intersec- tion on the Saw Mill Parkway where 60,000+ cars pass by a day. It is one of the best ame- nitized sports club facilities in Westchester County - one of only three with both sports courts and a pool. NYSC added a beautiful interior fit-out and success/fully operates this as one of the top 15 locations in the chain.” Westhoff added, “In spite of its unique features, it’s still an unconventional suburban retail asset anchored by an unrated fitness center. We
overcame some initial market reluctance to secure several attractive offers. After one of our bank relationships showed serious interest, we arranged property inspections and meetings between the bor- rower and committeemembers to build support for the credit approval. The bank eventually approved it as a non-recourse loan with carve outs only to the borrowing entity. The cli- ent was thrilled.” David Turley and Janet Proscia secured $23.8 mil- lion in acquisition financing for a two-building 135,000 s/f medical office building portfo- lio located just off the Merritt Parkway in Hamden, CT. The funding provided 70% loan-to- cost financing for the Fairfield County based client’s $34 mil- lion purchase. The loan was sized to an 8.5% debt yield and the rate locked at 4.37% for a 10 year loan term on a 30 year amortization schedule. Proscia noted, “The Prop- erty is a scarce commodity in a supply-constrained market, offering a strong regional location easily accessed from most of New Haven’s north- ern suburbs. These state-of- the-art medical facilities are occupied by a wide range of generalist and specialty medi- cal practices - the network ef- fect that creates referrals and visibility.” n
Regal Bank appoints Annabella Portee VP of loan administration
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